Granite City Food & Brewery Ltd. (NASDAQ: GCFB), a Modern American upscale casual restaurant chain, today reported results for the third quarter ended September 27, 2011.
Highlights for the third quarter and year-to-date 2011 were as follows:
- Total restaurant sales increased 3.0% to $22.9 million from $22.3 million in the third quarter of 2010
- Total restaurant sales increased 3.5% to $70.1 million from $67.7 million for the first three quarters of 2010
- Guest counts increased 2.2% compared to the third quarter of 2010
- Restaurant-level Income Before Occupancy (“IBO”) at $5.3 million in the third quarter of 2011 represented an increase of $341,000 over the third quarter of 2010
- Restaurant-level IBO at $16.6 million in the first three quarters of 2011 represented an increase of $730,000 over the first three quarters of 2010
"I am very pleased with the quarter and the progress we have made on a number of strategic initiatives in a very short period of time,” said Robert Doran, Chief Executive Officer or of Granite City. “In the past, we have outlined our plans to grow revenues, increase our efficiency, and utilize our increased G&A in the most effective manner to satisfy our growth objectives. Each of these items are being addressed with the near completion of four store enhancements, the ground breaking at our new Troy store and the recently announced acquisition of the Cadillac Ranch store in the Mall of America coupled with our opportunity to purchase the assets of additional Cadillac Ranch stores. Our team has performed very well by balancing the push forward of our strategic goals while not losing focus of our store operations. Our increase in revenue and profitability over the past quarter and year is impressive. We have a lot to look forward to in 2012 with strong operations and the upside we are creating as we bring many of the initiatives above on line."